Morning Commentary: JPMorgan lower; Energy Transfer preferreds mixed; Qwest rises

By James McCandless

San Antonio, Oct. 18 – Thursday’s session opened up with low volume and mixed trading as the Wells Fargo Hybrid & Preferred Securities Financial index declined 0.07%.

Opening at the top of secondary activity again, JPMorgan Chase & Co.’s recent 5.75% series DD non-cumulative preferred stock was trading lower.

The preferreds (NYSE: JPMPrD) were down 5 cents to $24.97 on volume of about 96,000 shares.

In the energy space, Energy Transfer Partners, LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were moving lower.

The preferreds (NYSE: ETPPrD) were down 12 cents to $25.71 with about 93,000 shares trading.

Meanwhile, the company’s 7.375% series C fixed-to-floating rate perpetual preferreds were improving at the start of the session.

The preferreds (NYSE: ETPPrC) were up 11 cents to $25.31 on volume with about 39,000 shares trading.

Elsewhere, Qwest Corp.’s $25-par 6.5% notes due 2056 improved.

The notes (NYSE: CTBB) were up 5 cents to $22.48 on volume of about 50,000 shares.

Insurance name Enstar Group Ltd.’s 7% series D fixed-to-floating rate perpetual preferreds were active but level.

The preferreds (Nasdaq: ESGRP) were flat at Wednesday’s close of $25.69 with about 46,000 shares trading.

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